Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations a. The budgeted seling price per unit is $70. Budgeted unit sales for June, July. August, and September are 8,800, 19,000, 21,000, and 22,000 units, respectively. All sales are on credit. b. 30% of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.40 per pound. e. 25% of raw materials purchases are paid for in the month of purchase and 75% in the following month 1. The direct labour wage rate is $12 per hour Each unit of finished goods requires fwo direct labour-hours. g. The variable selling and administrative expense per unit sold is $2.00. The fixed selling and administrative expense per month is $69000 Required: If 106,000 pounds of raw materials are needed for production in August, what is the estimated accounts payable balance at the end of July